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LIC Jeevan Lakshya Plan - Eligibility, Documents, Application Form, Claim Process

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Gaurav Seth
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LIC JEEVAN LAKSHYA PLAN Details

Life Insurance Corporation of India is one of the finest and oldest insurance companies across the nation. The entity was founded in the year 1956 to secure lakhs of lives through insurance. The company addresses almost all life insurance needs of the consumers. It has various plans for different stages of life starting from savings plans, child insurance, LIC monthly income plan among others. As of today, they have 2050+ branch offices, 110+ divisional offices, 8 zonal offices, and 1380+ corporate and satellite offices. The best thing about them is trust and goodwill among people and the best claim settlement ratio in the industry.

WHAT IS LIC JEEVAN LAKSHYA PLAN?

This plan by LIC is an endowment plan that assures guaranteed benefits throughout the period of the plan if the insured dies within the policy tenure. This plan is a traditional non-market linked participating plan i.e. unlike unit-linked plans this plan is not affected by market scenarios and volatilities. The policyholders of this policy are eligible for receiving a bonus as this is a participating plan, thereby increasing the total amount of the benefit payable. Hence, this plan focuses on offering dual benefits of financial security and savings to the insured. Also, it offers annual income to the policyholder.  

ELIGIBILITY CRITERIA FOR LIC JEEVAN LAKSHYA PLAN

Minimum sum assured Rs. 1,00,000
Maximum sum assuredNo Limit (This shall be in multiples of Rs. 10,000)
Policy Tenure13 to 25 years 
Premium Paying Term (Policy Term -3) years 
Minimum Age at entry 18 years (last birthday)
Maximum Age at entry 50 years (nearer birthday)
Maximum Maturity Age65 years (nearer birthday)

FEATURES OF LIC JEEVAN LAKSHYA PLAN

1. Double Benefit:

This plan by LIC offers double benefits i.e death benefits on the death of the insured during the policy time period and maturity benefits at the maturity of the policy. 

2. Modes of premium:

This plan offers four modes of premium payment namely monthly, quarterly, half-yearly, and yearly. Insured have to opt for the payment mode as per the comfort and feasibility. 

3. Bonus:

This is a participating plan so a bonus like the final additional bonus or simple reversionary bonus is added and paid at the end of the tenure. (if applicable)

4. Additional riders:

This plan offers 2 additional riders namely LIC’s New Term Assurance Rider and LIC’s Accidental Death and Disability Benefit Rider that are optional. 

Must Read: How to Become LIC Agent?

BENEFITS OF LIC JEEVAN LAKSHYA PLAN

1. Death Benefit:

In case of the unfortunate demise of the insured during the policy tenure, death benefits including Sum Assured on Death, Final Additional Bonus and Simple Reversionary Bonuses will be payable to the nominees. Sum assured on death is defined as a sum higher of:

  • 7x of annualized premium
  • 110% of the basic sum assured payable on the date of maturity and the plan pays out 10% of the basic sum assured as annual income benefit on every anniversary of the policy.

On maturity, final Additional Bonus and Simple Reversionary Bonuses, if any, also included in the death benefit will be payable.

2. Maturity Benefit:

This plan also offers a maturity benefit. If the insured has paid regular premiums throughout the plan and survives the policy tenure then maturity benefit will be eligible. The final sum will be the basic sum assured along with the bonuses (if any) that will be added to the corpus. 

3. Tax Benefits:

Premium paid in this plan and the corpus received carry benefits under Section 80C and 10D of Income Tax Act 1961.

4. LIC’s New Term Assurance Benefit rider:

This rider provides life cover in case of the unfortunate demise of the insured during the policy tenure. The rider can be attached to the base policy clubbed with an extra premium at the initiation of the policy. 

5. LIC’s Accidental Death and Disability benefit rider:

This rider pays a benefit in case of accidental death during the policy tenure, an additional sum assured is given to the nominee. This rider can be clubbed by paying an extra premium over the base policy anytime during the tenure. 

DOCUMENTS REQUIRED

  1. Identity proof
  2. Address Proof
  3. Passport size photograph
  4. Age proof
  5. A duly filled proposal form

EXCLUSION FROM THE PLAN

The only exclusion under this plan is suicides. If the policyholder death is due to suicide, then the death benefit is as under:- 

  1. If the policyholder dies by suicide within 12 months of the revival of the policy in such cases an amount higher 80% of the premiums paid till death or surrender value available on death will be payable.
  2. If the insurer dies by suicide within the first year of purchasing the policy in such cases 80% of the total premium paid will be payable.

CLAIM PROCESS UNDER LIC JEEVAN LAKSHYA PLAN

There are 2 types of claims under this plan, namely Death claim and Maturity claim.
The procedure for making a maturity claim under this plan is very easy as you only have to submit a duly signed claim form along with the maturity claim proceeds and identity proof. Other documents that need to be submitted are: 

  1. Original policy document
  2. Duly filled discharge form
  3. Duly filled and signed NEFT mandate form
  4. Copy of Identity proof

In the case of a death claim, the procedure is slightly different. Here, the first step is to intimate the insurance company about the unfortunate demise of the life assured. 

Also Read:

LIC New Jeevan Anand (915): Benefits, Eligibility, Grace Period, Maturity
LIC’s New Endowment Plan (914)
Unit Linked Insurance Plans (ULIPs)
Importance of Health Insurance
LIC Tech Term Plan
LIC Jeevan Akshay Policy VII
LIC Term Plans
LIC Jeevan Amar Plan 855

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